Brokers battle for share of electronic swaps market

As brokers rush to meet the requirements of a regulatory crackdown that will shift most of the $494 trillion market for interest rate swaps onto electronic trading platforms, three big European interdealer brokers – Icap, Tradition and Tullett Prebon – are battling it out to establish a firm base of liquidity. They want to make a mark before the much-delayed rulemakings in the US come into force, expected in February.